Latest Economy News

U.S. jobless claims rise to 235k, most in nearly six months

Jul. 07, 2022 09:25 AM EDT

WASHINGTON (AP) — More Americans applied for unemployment benefits last week and while layoffs remain low, it was the fifth consecutive week that claims topped the 230,000 mark and the most in almost six months. Applications for jobless aid for the week ending July 2 rose to...

Rights groups say probe into Egypt economist's death flawed

Jul. 07, 2022 09:12 AM EDT

CAIRO (AP) — Two leading human rights groups on Thursday accused Egyptian authorities of failing to conduct an impartial and transparent investigation into the suspicious death of an economic researcher in custody. In a joint statement, Human Rights Watch and Amnesty International...

US futures point higher, world shares rise on flurry of news

Jul. 07, 2022 08:32 AM EDT

NEW YORK (AP) — Wall Street pointed higher Thursday ahead of two days of U.S. employment data that could offer hints as to how employers are managing spiraling costs and rising interest rates with the Federal Reserve pursuing an aggressive push to reign in inflation. Futures for...

Conservative contenders who could succeed Boris Johnson

Jul. 07, 2022 08:20 AM EDT

LONDON (AP) — A Conservative leadership contest will take place in coming weeks after British Prime Minister Boris Johnson announced Thursday he is resigning as the party's leader — though he will continue to serve as prime minister until a successor is elected by party members. ...

Are 4-day workweeks, flexible hours the future of full-time?

Jul. 07, 2022 08:18 AM EDT

A four-day workweek sounds appealing to workers. Possibly alarming to employers. A bill introduced in the California legislature earlier this year proposed a regular pay rate for 32 hours of work per week, with overtime kicking in after that. The measure stalled in committee for a...

Sri Lanka's central bank raises key rates to curb inflation

Jul. 07, 2022 07:15 AM EDT

COLOMBO, Sri Lanka (AP) — Sri Lanka’s Central Bank has raised its key interest rates to their highest levels in more than 20 years to try to contain inflation that has added to the country’s economic woes. Recent price hikes have been a severe blow, especially for the South...

Russia's war in Ukraine to overshadow G-20 talks in Bali

Jul. 07, 2022 07:35 AM EDT

JAKARTA, Indonesia (AP) — Foreign ministers from the Group of 20 leading rich and developing nations are gathering in Indonesia’s resort island of Bali for talks bound to be dominated by the conflict in Ukraine despite an agenda focused on global cooperation and food and energy security. ...

Dems want to tax high earners to protect Medicare solvency

Jul. 07, 2022 05:43 AM EDT

WASHINGTON (AP) — Senate Democrats want to boost taxes on some high earners and use the money to extend the solvency of Medicare, the latest step in the party's election-year attempt to craft a scaled-back version of the economic package that collapsed last year, Democratic aides told The...

Inflation pushed 71M people into poverty since Ukraine war

Jul. 07, 2022 04:58 AM EDT

DUBAI, United Arab Emirates (AP) — A staggering 71 million more people around the world are experiencing poverty as a result of soaring food and energy prices that climbed in the weeks following Russia's invasion of Ukraine, the United Nations Development Program said in a report Thursday. ...

Asian stocks higher after Fed says rate hikes may be needed

Jul. 06, 2022 23:34 PM EDT

BEIJING (AP) — Asian stock markets gained Thursday after the Federal Reserve said higher U.S. interest rates might be needed to cool inflation. Shanghai, Tokyo and Sydney advanced. Hong Kong declined. Oil prices fell more than $1 per barrel to stay below $100. Wall...